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<b> MARKET</b> ANALYSIS <b> MARKET</b> ANALYSIS

MARKET ANALYSIS

Cutting-Edge Market Commentary for Informed Strategy Making

WEEKLY OUTLOOK

17.07.2023-21.07.2023


Good afternoon traders.


  After many weeks US data did not dominate the economic calendar. It’s a good chance for traders to take a breather and regroup for July’s upcoming events before the markets slows down for the summer holidays. US CPI and PPI figures came in well below market consensus showing that disinflation is on the right track and Fed’s may only need to hike rates once more. On the monetary front the Bank of Canada hiked its Official Cash Rate by 25bps bringing the total to 5% leaving clues for another and final hike in September. The RBNZ, after twelve consecutive hikes finally paused their tightening cycle and gave a strong indication that 5.5% will be the peak and rates will remain at that level for some time. The RBA announced that their monetary policy meetings will change from 11 to 8 per year. Governor Lowe will not extent his term and will be replaced in September by Deputy Governor Michelle Bullock.
Next week as we already mentioned we will not have a lot of high impact news, however there a few market movers. China will release on Monday a slew of key economic data points while ECB President Lagarde id due to deliver opening remarks at the ECB conference on central, eastern, and south-eastern European countries, in Frankfurt. Canada’s monthly inflation report and US retail sales are also something that traders should turn their head to.


Have a lovely weekend and a nice week ahead.



Monday 17 July

Time CET

Cur.

Event

Forecast

Previous

05:00

CNY

GDP q/y

7.3%

4.5%

11:15

EUR

ECB President Lagarde Speaks

15:30

USD

Empire State Manufacturing Index

6.60    


Tuesday 18 July

Time CET

Cur.

Event

Forecast

Previous

04:30

AUD

Monetary Policy Meeting Minutes

15:30

CAD

CPI m/m

0.4%

15:30

USD

Retail Sales m/m

0.3%


Wednesday 19 July

Time CET

Cur.

Event

Forecast

Previous

01:45

NZD

CPI q/q

1.2%

09:00

GBP

CPI y/y

8.7%

      15:30

USD

Building Permits

1.49M


Thursday 20 July

Time CET

Cur.

Event

Forecast

Previous

04:30

AUD

Unemployment Rate


75.9K

15:30

USD

Unemployment Rate

237K

15:30

USD

Philly Fed Manufacturing Index

-13.7


Friday 21 July

Time CET

Cur.

Event

Forecast

Previous

Tentative

NZD

RBNZ Statement of Intent

09:00

  GBP

Retail Sales m/m

0.3%

15:30

CAD

Core Retail Sales m/m

1.3%


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RISK WARNING: CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 71% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.

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